Most US Finance Managers Anticipate Business Travel Boom This year
SAP Concur survey says only 16% see organizations as completely prepared >>
by: Harvey Chipkin
More than half of US finance managers say it’s very or extremely likely that their industry sees a boom in business travel by the end of the year — but only 16% say their organizations are completely prepared, according to a recent survey from SAP Concur. Among the survey’s findings were:
• Most finance managers (88%) say their company experienced a revenue loss over the past year as a direct result of employees’ inability to travel at pre-pandemic levels.
• Nearly half of business travelers (44%) say their company needs an increase in business travel to remain viable beyond 2022; 35% say the same for their career, and 30% say the same for their entire industry.
• Ninety-eight percent of surveyed finance managers report that their company has returned to the office in some capacity.
• More than half of finance managers (52%) say it’s very or extremely likely that their industry sees a boom in business travel by the end of 2022. And business travelers agree: 73% say an increase is very or extremely likely this year, and 62% anticipate an increase in their own business travel compared with 2021.
• Most finance managers (84%) say their company is less than completely prepared to handle an increase in business travel in 2022. Also, most finance managers (62%) agree that their company will fall behind competitors if their financial systems and staff aren’t prepared to immediately respond to these changes.
• Ninety-six percent of business travelers acknowledge areas where their company leadership could have better prepared for an increase in business travel during the past year. These include increased flexibility and control for business travelers (52%), prioritization of in-person trips that drive business value (44%), and new or improved travel management technology (42%).
• Ninety-eight percent of finance managers say they have seen an increase in non-compliant expenses during the past year. The vast majority of business travelers (89%) admit they’ve submitted at least one travel expense during the past year that may violate their company’s travel policies.